CBN revokes 42 microfinance banks’ operating licences
The Central Bank of Nigeria (CBN) has revoked the operating licenses of 42 microfinance banks in the country.
This was disclosed on Friday by The Nigeria Deposit Insurance Corporation (NDIC) on its website titled ‘Notice of closure of 42 microfinance banks MFBs.
The statement reads: “This is to inform the depositors, creditors, shareholders and the general public that the operating licences of the under listed 42 microfinance banks have been revoked by the Central Bank of Nigeria effective 12th November, 2020.
“The Nigeria Deposit Insurance Corporation, the official liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and paying their insured depositors.
“We therefore request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December, 2020 till Thursday, 24th December, 2020.”
The affected Microfinance Bank was listed on the website of NDIC.
The Nigeria Deposit Insurance Corporation (NDIC) is an independent agency of the Federal Government of Nigeria. The purpose of the deposit insurance system is to protect depositors and guarantee the settlement of insured funds when a deposit-talking financial institution can no longer repay their deposits, thereby helping to maintain financial system stability.
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